India Pharmacy Market Outlook

the pharmacy market in india is projected to grow exponentially over the next fifteen years due to the increasing number of people suffering from chronic illnesses, rise in disposable incomes, and a growing healthcare infrastructure. the market is expected to register a compound annual growth rate (cagr) of over 16 percent by 2032, resulting in 1.5 times the market size of 2018. large pharmaceutical companies as well as many small firms are expected to venture in the indian pharmacy market in the near future, in order to capitalize on its growth potential. these firms serve customers through drug stores, medical shops, hospital and health care facility dispensaries, and through online pharmacies. a critical factor in the growth of the indian pharmacy market will be the availability of affordable drugs. india is ranked third in terms of the availability of affordable pharmaceuticals, and it will need to improve its position to experience real growth in the pharmacy sector. the government has implemented various programs and policies to make medicines more affordable and accessible, such as fixing prices of essential drugs, fixing maximum trade margins, discounts, and subsidies. also, the new medical devices policy is expected to benefit the possession and distribution of medical devices in the country, resulting in better quality of healthcare and paving the way for the pharmacy sector to expand. furthermore, digitization of medical records and real-time drug inventory management systems are being implemented, which will lead to better services and customer satisfaction, as well as improved inventory management. the strong government support and increasing public and private investments is expected to give a significant boost to the market during the forecast period. the government is introducing various financial assistance programs for smaller domestic companies, as well as allowing foreign direct investments up to 100 percent in the production of medical devices. furthermore, the increasing number of medical tourism in india is expected to create a positive impact on the indian pharmacy market, as many tourists are expected to purchase healthcare products for their personal use. overall, high growth opportunities in the indian pharmacy market, along with the investments and support from the government, are expected to drive the market significantly over the forecast period.